Hydreight Adds The Third National Wellness Medspa Franchise for White Label Solution
Hydreight Technologies, a mobile clinical network, announced it has added its third national wellness medspa franchise using its white label solution. This platform helps medspas provide medical services compliant with state healthcare regulations through an integrated turnkey solution.
Hydreight has partnerships with three national medspa franchises, representing nearly 700 locations sold and 140 opened across the U.S. The company charges licensing fees and takes a percentage of revenue from mobile services facilitated through its platform.
The newest partnership will use Hydreight’s technology to offer IV drip therapy, aesthetic services, and more. Hydreight is also developing a POS and payment processing solution expected to launch in Q3 2024.
The medical spa market was valued at $6.1 billion in 2023. Hydreight's platform integrates telemedicine, pharmacy connections, booking, scheduling, and patient engagement services, positioning it as a leading solution for medspas.
- Hydreight secured partnerships with three national medspa franchises, covering nearly 700 locations.
- 140 of these locations are already operational, enhancing service availability.
- The company charges licensing fees per location and takes a percentage of mobile service revenues, creating multiple revenue streams.
- Hydreight’s technology supports IV drip therapy, aesthetics, GLP-1, and NAD+ services, broadening service offerings.
- The expected launch of a new POS and payment processing solution in Q3 2024 could further streamline operations for clients.
- The U.S. medical spa market is valued at $6.1 billion, indicating a significant market opportunity.
- Consistent growth in white-label pharmacy orders shows increasing adoption and demand.
- Hydreight's platform ensures compliance with stringent post-Covid healthcare regulations.
- Potential dilution of shareholder value due to the focus on onboarding new partners.
- Increased competition in the medspa market could impact Hydreight's market share.
- Dependence on the successful launch and adoption of the new POS and payment processing solution.
Hydreight has secured national medical spa partners with collectively almost 700 locations Sold across the United States*
VANCOUVER, British Columbia and LAS VEGAS, June 12, 2024 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV:NURS)(OTCQB:HYDTF)(FSE:SO6), a mobile clinical network and medical platform which enables flexible, at-home medical services across 50 states in the United States, is pleased to announce it has added another national wellness medspa franchise using its white label solution. The all-in-one solution is designed to help brick-and-mortar locations provide medical services to clients in compliance with state healthcare regulations.
Hydreight’s white label solution provides an integrated, turnkey platform and the framework for business to provide in-person medical services, supported by technology infrastructure, connection to an independent doctors’ network, and a pharmacy network through its medical partner. The Company has secured three national medical spa partners with collectively almost 700 locations Sold and 140 opened across the United States. Hydreight charges the franchises a licensing fee per location to access its network and takes a percentage fee from every mobile service facilitated through its platform. These brick-and-mortar businesses must use Hydreight’s medical network’s pharmacy to order products.
Hydreight’s newest partner is a growing wellness spa with multiple locations across the United States. The locations will use Hydreight’s proprietary technology to provide IV drip therapy, aesthetics, GLP-1 and NAD+ services. The integrated solutions will also assist the wellness franchise to continue expanding its footprint with new locations opening next year. Hydreight is also working on a Point of Sale and Payment processing solution for all brick and mortar clients and is expecting to release that module in Q3, 2024.
The Medical Spa market in the U.S. is estimated at US
Whitelabel Pharmacy orders in a glance:
| Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |||||||||
| Number of Locations | 16 | 29 | 41 | 59 | 69 | 79 | 86 | 107 | ||||||||
| Total number of Orders | 78 | 227 | 334 | 513 | 812 | 935 | 1127 | 1352 | ||||||||
| Total medication ordered USD** | ||||||||||||||||
**Total White-Label medication ordered less amounts attributed to shipping. These figures are unaudited and approximate.
Shane Madden, CEO of Hydreight commented, “As we continue to grow and evolve our platform, we’ve recognized that there are additional white label opportunities to utilize and tap into our platform and network. Post Covid, as rules and regulations have tightened, it has become increasingly hard for brick-and-mortar wellness spas to provide some services without a medical professional or telemedicine technology to see a doctor. Our white label division has quickly become another revenue bucket that we will continue to focus on growing and our team continues to review these opportunities and onboard new partners. Now we are the platform of choice for our Nurse Network, VSDHONE D2C platform and all national brick and mortar franchises.”
To grow the division, the Company plans to build a sales team to direct sell to these businesses and will continue focusing on increasing and adding more partners using its white label technology.
About Hydreight Technologies Inc.
Hydreight Technologies Inc. is building the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of over 2,500 nurses, over 100 doctors and a pharmacy network across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight though its medical network has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network that provides services in over 650 cities and growing.
On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
Contact
Email: ir@hydreight.com;
Telephone: (480) 790 6886
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “Approximately” or similar expressions. * Numbers of franchise sold units are based on the franchise's management team.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or predictions concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company’s shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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